Fierce Biotech reports on Reuters' story that Sanofi may take Genzyme on in a proxy fight to gain control of the board - and company.
One banker tells Reuters: "If Genzyme continues to refuse to negotiate, Sanofi can try to get its own slate elected and work towards a deal that way."
As noted yesterday, Genzyme has several shareholders who have sued to try to force the Genzyme board to negotiate on Sanofi's offer starting at $69 per share. I still think the Court would be loathe to intervene at this point and would prefer to have Sanofi-Genzyme battle it out for control of minds and hearts of the majority shareholders via proxy battle or otherwise.
Posted by Bruce Lehr October 14th 2010.